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Council authorizes purchase of Waterside property at 328 Atlantic Avenue
Summary
Westerly authorized the town manager to complete purchase of the Waterside property at 328 Atlantic Avenue, using grant funding and about $520,000 of town funds; council discussed parking, existing leases (oyster farm and drive-in) and future use. Vote was unanimous.
The Westerly Town Council voted to authorize the town manager to complete purchase of the Waterside property at 328 Atlantic Avenue.
Town staff described the financing and terms: the town expects to receive $2,650,000 in grant funding toward the purchase; the agreed-upon purchase price is $3,000,080 (town manager referenced an appraised value near $3.28 million). The town has paid a $25,000 deposit; the net town contribution toward closing and purchase was presented as roughly $520,000, with closing and testing costs to be reimbursed by the grant.
Councilors asked practical questions about site parking, current leases and possible future leases. Staff said the town will have access to roughly 7 acres of waterfront property, the building with two upstairs units is not part of a conservation easement and the town currently leases part of the site to an oyster farm and to the drive-in operator; those arrangements could be reviewed after acquisition. The manager noted the purchase could be funded from the 2024 fund balance.
Councilors voted to approve the purchase; the clerk recorded the vote as unanimous.
What happens next: The town will complete closing, assign funding from the chosen fund balance account and decide whether to continue or modify existing leases once the property is town-owned.
